Bitcoin

Momentum

Block

Reversal

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-tone-vays-warns-of-potential-sharp-correction-in-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Tone Vays Warns of Potential Sharp Correction in Bitcoin</a><br></p>
<p style="text-align: justify">Experienced analyst and trader <strong>Tone Vays</strong> has warned that investors in the largest cryptocurrency, <a href="https://en.coin-turk.com/bitcoins-surge-in-turkish-lira-new-peaks-every-day/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC), could soon face a sharp correction. The analyst listed the levels he is closely watching in BTC.</p>
<h2 style="text-align: justify" id="strong-he-gave-critical-levels-for-bitcoin-strong"><strong>He Gave Critical Levels for Bitcoin</strong></h2>
<p style="text-align: justify">In a new video update, Vays told his YouTube subscribers that Bitcoin could fall to the mid-$30,000s if it fails to reclaim an important level. In his bearish commentary for BTC, he said, “All arrows point to a much, much bigger correction. I hope this doesn’t happen. I hope we go up from here. I don’t want to see a correction. We are already facing a big bear market. However, I will be waiting on the sidelines with cash until Bitcoin breaks above these moving averages. It needs to break and surpass an important moving average to rise. In short, I want to see the $44,000 surpassed. We will either see a daily candle close above $44,000 or a drop to $36,000.”</p>
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-303697" src="https://coin-turk.com/wp-content/uploads/2024/01/Bitcoin-BTC-Vays-scaled.jpeg" alt="" width="2560" height="1137"></p>
<p style="text-align: justify">Furthermore, Vays suggested that the $39,000 level could be a good buying opportunity but claimed that the best buying point would be $36,000, stating:</p>
<blockquote>
 <p>“We could also stop at some point between $44,000 and $36,000. This depends on how fast or slow we fall. I consider $39,000 to be a good buying opportunity, but realistically, I expect either a move above the moving average of $44,000 or a pullback to $36,000, where we have a nice combination of the Momentum Reversal Indicator (MRI) support line, the 128-day moving average, and the top of the channel.”</p>
</blockquote>
<h2 style="text-align: justify" id="strong-he-reiterated-his-expectation-of-a-crash-before-the-block-reward-halving-strong"><strong>He Reiterated His Expectation of a Crash Before the Block Reward Halving</strong></h2>
<p style="text-align: justify">On the other hand, Vays emphasized that a drop below the $40,000 level for Bitcoin would not be the crash he expects before the upcoming block reward halving, saying, “I don’t think such a drop before the block reward halving would be the crash I’m expecting. The crash before the halving usually happens a few weeks before the event. There are about four months left until the halving. It’s not very likely to happen now.”</p>
<p style="text-align: justify">The analyst stressed that he does not expect Bitcoin to revisit the $20,000 range and only anticipates a retest of the $30,000 level in the event of catastrophic <a href="https://newslinker.co/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">news</a>, saying:</p>
<blockquote>
 <p style="text-align: justify">“I don’t expect a drop to the $20,000 level. $30,000 is my bottom line, and even for it to drop to $30,000, there needs to be disastrously bad news.”</p>
</blockquote>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-tone-vays-warns-of-potential-sharp-correction-in-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Tone Vays Warns of Potential Sharp Correction in Bitcoin</a></h5>

Analyst Tone Vays Warns of Potential Sharp Correction in Bitcoin

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